Bitcoin Overcomes the Key Barrier
Since October 15th, 2019, for the first time within 127 days, the first cryptocurrency overcomes the 100-day average value level. The bottom line of the ascending triangle will still need to be tested, but the price increase already shows that the bull traders have become more active and are ready to rush to the upper range.
We can see a classic bullish trend on the 4-hour chart. Over the past 10 days, the highest increase in the value of BTC to $3850 - $3950 is demonstrated. However, there is still the possibility of a rebound and retracement to the low price which was previously reached, as many traders aren’t taking decisive action.
E-CHAT Team’s Opinion
This development is interpreted by most analysts as a positive sign. BTC faces an ambitious task - to move from a bearish trend to a bullish trend.
It is necessary to overcome the upper level of resistance, established on December 20th, 2018, at $4,075, and not cause a massive sell-off of cryptocurrency, which triggered a global market drawdown in November last year.
If these conditions are met, the price of BTC will increase, which in general will have a positive effect on the entire cryptosphere:
Negative moods will be replaced by positive ones;
Such projects as E-CHAT will attract new users;
There will be an inflow of funds for the development of startups.
Let’s clench our fists and let's wait for heading Tothemoon!